Bankruptcy Advice
13 February 2009 - 11:38 The stress and worry that comes with mounting debt only persists if you try to ignore the situation, but by doing this the consequences are much worse. You could even find yourself in a position where bankruptcy is forced on you by your creditors. By filing for bankruptcy voluntarily you remain in control of the situation, and have a bankruptcy company on your side to assist you every step of the way.Despite the myths that surround bankruptcy, you can keep the tools of your trade, bedding, clothing, furniture, your car (if under £2500) and other household goods. Once you declare bankruptcy there is NO threat of bailiffs coming round. Once bankrupt, creditors can no longer contact you for the debt as you will no longer be responsible for it.
Going bankrupt will give you the chance to wipe off your debt and have a fresh start. Within 12 months a first-time bankrupt can be discharged, and the restrictions lifted.
If you don't own your home, and if your occupation isn't affected, then bankruptcy is an insolvency option worth your time considering.
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